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Semiconductor ETF (SOXX) Hits a 52-Week High
For investors seeking momentum, iShares PHLX Semiconductor ETF (SOXX - Free Report) is probably on radar now. The fund just hit a 52-week high and is up around 93.3% from its 52-week low price of $167.79/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
SOXX in Focus
The underlying PHLX SOX Semiconductor Sector Index measures the performance of U.S. traded securities of companies engaged in the semiconductor business.It charges 46 basis points in annual fees (see all technology ETFs here).
Why the Move?
Semiconductor stocks have been outperforming software companies in a sign of a market rotation. As reopening trades are gaining traction on vaccine hopes and low rates, this moderately cyclical sector has started to soar higher.
More Gains Ahead?
Currently, the fund SOXX has a Zacks ETF Rank #1 (Strong Buy) and a positive weighted alpha of 59.60. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.
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